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Market News and Trends

Updated Market Dashboard


Yesterday I updated www.AustinMarketDashboard.com with newly available final data for October 2009.  A detailed explanation is included there, but for the purposes of this brief comment:

  • October listing inventory continued to decline from September.
  • Home sales (units) were basically flat for the third consecutive month.
  • The percentage of active listings sold continued to climb for the third consecutive month.
  • Average and Median sales prices declined slightly from the previous month.
  • Average time on market for Sold properties:  71 days — very respectable, indicating a market that is still moving.

All of these circumstances are fairly typical for this time of year.  As noted previously, year-to-date sales are down from last year, even with the impact of the first-time homebuyer tax credit, but the Austin Metro area continues to fair better than most of the country.

Consider this 1-Month Market Snapshot (10/24/09-11/24/09):

Active Listings = 7,944
  Beds Baths SqFt Listing Price LP/SqFt Selling Price SP/SqFt DOM
High 11 9 18,955 $16,000,000 $3,414.81 $0 $0 1,277
Low 0 0 310 $23,900 $14.70 $0 $0 0
Average 4 2 2,510 $399,221 $143.64 $0 $0 104
Median 3 2 2,248 $244,500 $111.56 $0 $0 73
Active Contingent Listings = 109
  Beds Baths SqFt Listing Price LP/SqFt Selling Price SP/SqFt DOM
High 6 4 5,303 $1,375,000 $339.51 $0 $0 546
Low 2 1 1,203 $88,000 $44.96 $0 $0 7
Average 4 2 2,410 $274,298 $113.60 $0 $0 128
Median 4 2 2,222 $243,800 $98.94 $0 $0 109
Pending Listings = 755
  Beds Baths SqFt Listing Price LP/SqFt Selling Price SP/SqFt DOM
High 6 6 6,568 $4,250,000 $747.45 $0 $0 742
Low 1 1 492 $25,500 $25.69 $0 $0 0
Average 4 2 2,251 $241,997 $100.90 $0 $0 66
Median 3 2 2,020 $169,900 $90.38 $0 $0 35
Pending – Taking Backups Listings = 1,181
  Beds Baths SqFt Listing Price LP/SqFt Selling Price SP/SqFt DOM
High 7 6 8,678 $3,495,000 $533.48 $0 $0 786
Low 1 1 567 $42,999 $35.80 $0 $0 0
Average 3 2 2,173 $262,440 $116 $0 $0 73
Median 3 2 1,978 $191,000 $100.52 $0 $0 43
Sold Listings = 1,498
  Beds Baths SqFt Listing Price LP/SqFt Selling Price SP/SqFt DOM
High 7 6 8,425 $5,999,000 $1,122.59 $5,300,000 $1,050.74 529
Low 1 1 500 $38,000 $30.86 $35,000 $30.86 0
Average 3 2 2,085 $250,553 $116.49 $241,214 $112.91 71
Median 3 2 1,863 $187,500 $101.58 $182,733 $99.17 47
  • 8,053 active listings / 1,498 one-month sales = 5.4 months’ inventory – “balanced” market conditions, or slightly favoring sellers.
  • 1,986 pending contracts = 1.3 x monthly sales – demand remains stable.
  • Average sale price $241,214, Median $182,733 – also generally stable.

Home sales have increased around the country over the past couple of months, and that is great news.  The trade-off for strong sales in most areas was substantial decay in home values.  Even better for those of us in Central Texas:  our home values have not declined over the past couple of years as many other metro areas have reported, and home sales have remained relatively strong nonetheless.  We can expect seasonal changes in the real estate business, as in most businesses, and that’s what we’re seeing so far.  Will there be a “cash for clunkers” sort of market dip when tax incentives end?  I believe so, but our market remains fundamentally strong.  As I noted in another recent post, we have even continued to add jobs at a higher rate than local population growth.  That and the continued trend for businesses and individuals to relocate to our beautiful area will continue to keep us moving forward.

As we all sit down for a Thanksgiving feast on Thursday, we should be thankful for being here — mild climate, vibrant and diverse culture, healthy economy, and the grand variety of the Central Texas environment!  (And a HUGE football game between UT and Texas A&M!  Hook ’em!!!)

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About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

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